Dr Bawumia said the borrowing by the government will eventually saddle the state with about GH¢99 billion by the end of the year.
Dr Mahamudu Bawumia, running mate of the New Patriotic Party (NPP) has observed that the 2016 budget presented by Finance Minister Seth Terkper on Friday presents no hope for the country.
According to him, the outcomes of the promised Better Ghana have been abysmal and the 2016 budget is no different adding that the economy has been deformed.
Read more: 2016 Budget is a 'Dead Goat Budget' - NPP
In critiquing the 2015 budget at a press conference at the party's headquarters in Accra Wednesday morning, Dr Bawumia said, "The reality is that Ghanaians are suffering and propaganda can't change it."
According to Dr Bawumia, nothing in the budget presented by Seth Terkper addresses the fundamental problem of the economy.
He said the borrowing by the government will eventually saddle the state with about GH¢99 billion by the end of the year.
Ghana’s total debt stock, according to Mr Terkper in the budget, currently stands at GH¢92.2 billion from GH¢9.5 billion in January 2009 when the NDC took over power.
Dr Bawumia, however, said the 2016 budget failed to address the basic challenges of Ghanaians.
The record after the seven main budgets of the NDC is definitely not one of a “Better Ghana” than the one this government inherited in 2009. Rather, it is a record of a monumental waste of an historic opportunity to transform the economy of Ghana and improve the lives of Ghanaians.
"While budgets are a statement of intent for the year ahead, there is no substitute for a seven year record of performance.
We have an opportunity today to compare the record of performance of the NPP government of 2001-2008 under President J.A. Kufuor and the NDC administrations of Presidents Mills and Mahama (2009-2015), comment on the 2016 budget and present an alternative vision for the NPP that will guide future NPP budgets under a Nana Addo Dankwa Akufo Addo government."
"Many lives have been destroyed and the economy, as we would show shortly has rather been deformed and not transformed. We have kept warning the government that you cannot use propaganda to manage an economy. The reality is that the people are suffering under this government and there is no transformation. Propaganda cannot change this reality," he added